For a Private Good,the Economy's Marginal Social Benefit Curve Is

question 41

Multiple Choice

For a private good,the economy's marginal social benefit curve is the ________ sum of the individual marginal benefit curves and for a public good,the economy's marginal social benefit curve is the ________ sum of the individual marginal benefit curves.

• A)vertical;vertical
• B)vertical;horizontal
• C)horizontal;vertical
• D)horizontal;horizontal
• E)horizontal;diagonal

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period.

Classical Economists

Economists who emphasize the role of free markets and the importance of supply-side factors for economic growth and stability.

Equilibrium GDP

The level of output where the total quantity of goods and services produced equals the total quantity of goods and services demanded.

Full Employment

Full Employment is a condition where all available labor resources are being used in the most economically efficient way, with minimal unemployment.